Once a product is in the market, the very next challenge a company faces is its discounting policies.
While discounts can lift volumes and improve profits, they can also grant unnecessary price concessions that destroy profits. Clearly, managing price variances right is critical issue, yet how does a company "optimize prices"? Dr. Tim will provide an approachable overview of the leading fundamental method to managing price variances, which leads directly into economic price optimization from demand elasticity measures. 5 Reasons to Order •Put your discounting strategy in context with a wide range of industry best and worst practices •Understand the right and wrong times for discounting •Discover how internal alignment around business objectives is critical to a successful discounting strategy •Learn how different types of discounting will positively and negatively influence customer buying behaviors •Gain control over discounts through a better grasp of policy setting
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
When Are Discounts Good and When Are They Bad?
How Do You Do a "Profit Sensitivity Analysis"?
What Is a Volume Hurdle and How You Do Calculate One?
How Does Market Elasticity Influence Discounting Profitability?
What Is a Typical "Elasticity of Demand"?
What Is the Difference Between Industry Elasticity of Demand and Brand Elasticity of Demand?
How Do You "Optimize Prices" With Economic Data?
Why Are Pure Economic Calculations Insufficient in Setting Discounting Policy?
Setting a Good Strategy in Motion
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 29, 2012.
Call 1-866-352-9540 for further credit information.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Tim Smith, , PhD
Wiglaf Pricing
Tim J. Smith, Ph.D., Wiglaf Pricing
- Founder and managing principal of Wiglaf Pricing
- Adjunct professor of marketing and economics at DePaul University
- Wrote, Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures
- Helps executives manage price better through consulting, workshops, books, and other media
- Provides productized and actionable consulting services for firms of many sizes and across many industries
- Keynote speaker and workshop leader on a variety of pricing topics to professional audiences across the globe
- Smith’s book, Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market, and better than its competing alternatives
- Serves as the academic advisor to the Professional Pricing Society’s Certified Pricing Professional program
- Member of the American Marketing Association, Business Marketing Association and American Physical Society
- Ph.D. degree in physical chemistry, University of Chicago
- M.B.A. degree, with high honors, in strategy and marketing, University of Chicago GSB
- B.S. degree in physics and chemistry, Southern Methodist University
- B.A. degree in mathematics, Southern Methodist University
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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